Industrial output falls by most in 11 months in April

South Korea's industrial output declined the most in 11 months in April as production in the chipmaking industry slumped due largely to a higher base effect, data showed Monday. But the country's service output and retail sales extended their gains last month as warm weather and eased social distancing rules spurred consumer spending. The industrial output decreased 1.1 percent in April from the previous month, a turnaround from a 0.9 percent on-month increase in March, according to the data c

May 31, 2021

Kumho Tire aims to lead local tire market with SOLUS TA51

Kumho Tire is looking to bolster its share of the local tire market with its latest all-season model SOLUS TA51, launched in April. SOLUS TA51 is the tire maker’s first new product in three years, and comes in 34 different sizes, ranging from 16 inches to 19 inches. The tire product will be compatible with most car models in the local market, the company explained. It is a Korean market-only model. It is specially designed to be suitable for use in different weather conditions across

May 30, 2021

Hyundai E&C to begin sales of Hillstate Iksan aparment complex

Hyundai Engineering & Construction will begin presales of flats for a new high-rise apartment complex in Iksan, North Jeolla Province this month, the company said Sunday. The apartment complex, dubbed Hillstate Iksan, will comprise six buildings with 454 housing units, which measure from 59 to 126 square meters. The complex is at a prime location right next to Seonhwa-ro which cuts through the center of the city, the builder said. On top of that, it is also close to Iksan Station that i

May 30, 2021

Celltrion's Humira biosimilar to arrive in Europe next month

Celltrion Healthcare, which is in charge of Celltrion‘s overseas business, is expected to launch sales of its adalimumab biosimilar Yuflyma in the European market in June, according to industry sources, Sunday. It will initially be launched in around six European countries, including Spain, the officials said. A Celltrion Healthcare’s official said the company would try to release Yuflyma in Spain by next month, but the schedule can be adjusted. Yuflyma is the world’s firs

May 30, 2021

SK Broadband strengthens efforts to reduce carbon emissions

Telecommunications provider SK Broadband has been making a host of new changes as part of its effort to speed up the environmental, social and corporate governance, or ESG, management, with a particular focus on reducing carbon emissions. SK Broadband has been replacing old infrastructure, developing energy efficient products, and reducing energy consumption at network stations to match its carbon-emission-free goal. According to company officials Sunday, the telecommunications company has to

May 30, 2021

[#WeFACE] Energy transition essential for exports: RE100 head

The Korea Herald is publishing a series of interviews with the lineup of speakers who will discuss solutions to the climate crisis at the H.eco Forum, which is scheduled to be held virtually on June 10 under the theme “We Face the Climate Clock.” – Ed. It was only last December when a South Korean company joined the global RE100 campaign -- a pledge to use 100 percent renewable power. The list is growing, but probably not fast enough for the country’s export-driven econ

May 30, 2021

[News Focus] Is ‘real 5G’ elusive goal for Korea?

Is 5G, the next-generation of wireless technology, worth the hype? This is a question frequently thrown out by multiple groups of 5G users here since the fifth generation mobile networks went into commercial service at 11:00 p.m. on April 3, 2019 in South Korea, in a loudly-trumpeted world first. Over the past two years, the number of 5G users in Korea has steadily grown to account for about 20 percent, or 14.48 million, of total mobile subscriptions in the country as of end March, governm

May 30, 2021

LG Electronics to launch beta test of robot lawn mower

LG Electronics said Sunday it will conduct a beta test of a robot lawn mower to develop a model optimized for Korean customers. This is the first time the company will conduct a demo test and develop a product together with customers. According to LG Electronics, it will receive 50 volunteers by June 11 and let them use the robot lawn mowers for two months. Based on their feedback, LG Electronics will develop a model customized to Korea’s residential environment. “Participants

May 30, 2021

Gap widens between TSMC and Samsung Electronics

The gap between the world’s top two chip companies -- TSMC of Taiwan and Samsung Electronics of South Korea -- has widened over the past 12 months in terms of market cap, according to a Seoul-based corporate tracker. CEO Score said on Sunday that the market capitalization of TSMC and Samsung Electronics had a difference of about $10 billion a year ago, but the gap has widened to $117 billion. As of May 27, the value of TSMC was $543.3 billion, a 96.3 percent surge from $276.8 billion

May 30, 2021

FSS to oversee virtual assets; cryptocurrencies in negative territory

The Financial Supervisory Service has been designated to man the main control tower overseeing the country’s burgeoning virtual asset market, putting an end to months of discussions on who would take charge, while major cryptocurrencies fell over the weekend. In an announcement on Friday, the government delegated the FSS, the country’s financial regulator, in charge of virtual assets while the Ministry of Science and ICT will take the helm in leading the country’s blockchai

May 30, 2021

Ministry to push for 'use-by dates' to cut food waste

The Ministry of Food and Drug Safety said Sunday it would take steps to replace sell-by dates with the use-by dates in an effort to give food a longer shelf life and reduce food waste. Sell-by dates on food products indicate the period of time said products can be distributed and sold. But use-by dates show how long products can be stored for and still used. The latter often lasts longer than the former, though sell-by dates are what is currently used in the country. Milk, for instance, oft

May 30, 2021

FSC likely to lift banks’ dividend cap in June

South Korea’s financial regulator is projected to lift its dividend cap placed on local banking groups next month, with the economy apparently on a fast track to recovery, industry watchers said Sunday. The Financial Services Commission in January “recommended” local bankers to limit dividends to 20 percent of their net profits for the first half of the year, with most banks heeding the advice. Shinhan Bank was the only lender that didn’t adopt the 20 percent cap, report

May 30, 2021

[Herald Interview] ‘Digital disruption in finance brings bigger autonomy, better customer access’

Hanwha Asset Management, South Korea’s fourth-largest fund manager, is the first financial institution in the country to adopt a remote work system by adding satellite offices in Seoul. Under its DreamWork policy, some 400 employees and executives of Hanwha Asset are no longer under the same roof, and instead are given an autonomy to navigate the most suitable work conditions each day to boost productivity. “The underlying philosophy of DreamWork is to give employees the rights to

May 30, 2021

Samsung Electronics most shorted stock after ban lifts

Market kingpin Samsung Electronics was the most heavily shorted stock in the South Korean market in the first month of a conditional resumption on short selling, data from the nation’s sole bourse operator showed Sunday. The amount of short sale transactions of the tech giant stood at 611.7 billion won ($549.18 million), an average of 34 billion won per day during 18 trading sessions from May 3 to Friday, according to the Korea Exchange data. Samsung shares have recently traded bearish,

May 30, 2021

Overseas card spending drops 28.8% in Q1 amid pandemic

South Koreans' overseas card spending dropped 28.8 percent on-year in the first quarter, due to a sharp decline in the number of outbound travelers amid the COVID-19 pandemic, central bank data showed Sunday. The amount of money spent overseas by South Koreans with cards, including credit and debit cards, totaled $2.56 billion in the January-March period, compared with $3.59 billion for the same period last year, according to the data from the Bank of Korea (BOK). Compared with three months ea

May 30, 2021

[News Focus] National debt-to-GDP likely to top 40% for 1st time in 2021

SEJONG -- South Korea’s national debt has reached the highest level after rising back past 800 trillion won ($717 billion), aggravating concerns over fiscal soundness. According to calculations from the National Assembly Budget Office, the nation’s sovereign debt was estimated at 800.3 trillion won as of Saturday. Though the figure inched down below the 800 trillion-won mark in early 2021 after surpassing 800 trillion won for the first time in November 2020, it has broken through t

May 30, 2021

[Weekender] The truth about biodegradable plastics

For average customers, one of the easiest ways to pursue a green lifestyle is to purchase eco-friendly products. To target these customers and raise their brand images, companies in South Korea are rolling out eco-friendly products one after another, including some made of biodegradable plastic. Typically made from natural materials such as corn starch, biodegradable plastic is designed to break down naturally when it goes to landfills. However, these efforts – and extra expenses -- m

May 29, 2021

NPS pledges to end coal investing, increase alternative exposure

The National Pension Service, the world’s third-largest pension fund, will pull the plug on coal-related investments, according to a plan approved on Friday by its investment management committee. Under the plan, NPS will no longer finance any new projects that involve building coal-fired power plants. It will also come up with an action plan to implement negative screening in order to exclude investment targets associated with climate change. The plan is to support a low-carbon ecosyste

May 28, 2021

Posco taps into secondary battery recycling business

Posco has taken another step forward in the secondary battery recycling business, as it landed a new partnership deal with Chinese cobalt supplier Huayou Cobalt on Friday. The steelmaker inked a joint investment deal with the government of South Jeolla Province and Huayou Cobalt, a Shanghai-listed company specializing in material refining and purification. The secondary recycling business involves extracting core materials used in making secondary batteries, such as nickel and lithium fro

May 28, 2021

Jungheung interested in Daewoo E&C, but takeover still under review

Jungheung Group, a local construction company, has expressed interest in acquiring Daewoo Engineering and Construction, but is in the process of reviewing its value and business potential, the builder said Friday. ”The company is interested in acquiring Daewoo E&C but nothing is confirmed,” an official at Jungheung said. “We’ll carefully examine the various conditions including Daewoo’s domestic and overseas business status, prospects after the acquisition an

May 28, 2021